Dotted Lake Project - New Nickel Target Outlined
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FOR IMMEDIATE RELEASE |
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PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number 009753V)
13 September 2022
Dotted Lake - New Nickel Target Outlined
Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to provide a technical update for the Dotted Lake Property ("Dotted Lake") with regards to the potential for ultramafic intrusive hosted nickel mineralisation. Dotted Lake is located on the north-eastern arm of the Schreiber/Hemlo greenstone belt to the north of the Dotted Lake intrusive batholith.
A recent study incorporating the findings of Panther's airborne geophysics survey1 and the 2021 soil geochemistry survey 2 with recently digitised historical exploration data has defined a new area, in the northeast of the property, which is considered very prospective zone for nickel (Ni) mineralisation (the "Ni Target") and which is underlain by an ultramafic intrusive complex.
A map outlining the Ni Target is available to view at the following link: https://www.panthermetals.co.uk/images/dotted-lake-ultramafic.jpg
New Nickel Target
Panther has digitised historical geochemical soil survey report data based on work undertaken by Clear Mines Ltd in August 1983 (the "Clear Mines Survey"). These results show a 2.8km long linear broadly east-west striking zone of elevated nickel in soil coinciding with a mapped ultramafic / gabbro intrusive unit and a distinct geophysical anomaly.
The Clear Mines Survey consisted of 577 soil samples analysed for 27 elements, collected on a series of north-south lines directly to the east of the Panther 2021 soil survey area 2. Nickel is elevated across the prospect area defined by highs ranging 137 - 235 ppm Ni and peaking at 614ppm Ni in the eastern end. Other soil anomalies across the Ni Target include cobalt (Co) up to 214 ppm Co and copper (Cu) up to 861 ppm Cu.
The western end of the ultramafic intrusive is shown on government mapping to lie beneath the lake, however the geophysics survey and the Panther soil survey data indicates that the intrusive rocks likely extend further to the west and may underlie the soil survey Anomaly A and Anomaly C as reported 9 November 2021 3.
Panther's Ni Target is located 9km west of a new zone of massive nickel-copper sulphide mineralisation drilled by Palladium One Mining Inc (TSXV:PDM.V) at their Tyko Project, West Pickle Lake joint venture property with First Class Metals (LSE:FCM). The 7 September 2022 Palladium One announcement 4 for the West Pickle Lake discovery notes massive and semi-massive pentlandite-pyrrhotite-chalcopyrite sulphide mineralisation interpreted to be related to ultramafic chonolith feeder dykes has been intersected in two diamond drill holes. Assay results are yet to be reported.
About the Dotted Lake Property
The Dotted Lake property is 100% owned by Panther and consists a contiguous land package of approximately 37km2 located approximately 18km north-northeast of the Barrick-owned Hemlo Gold Mine, which has produced over 22 million oz of gold over 30 years to date. Located on the northern limb of the Schreiber-Hemlo Greenstone belt the Dotted Lake property covers 7km of the prospective geological contact between the Dotted Lake Batholith plutonic intrusive and mafic volcanic and metavolcanic 'greenstone' rocks.
Darren Hazelwood, Chief Executive Officer, Panther Metals plc commented:
"Panther's new Nickel Target at Dotted Lake is only 9km east of the Tyko Project West Pickle Lake nickel discovery announced by Palladium One Mining on 7 September 2022. West Pickle Lake is the latest in a series of ultramafic hosted nickel discoveries which are building out a 20km wide nickel district at Tyko.
The regional geophysics and geological mapping show strong similarities between the new Ni Target in the northeast of Panther's Dotted Lake Property and the Tyko discoveries, importantly they also share a similar level of anomalous nickel and copper in soil surveys."
Reference notes
1: Company announcement, Canada: Dotted Lake Property - Geophysics Survey Update, 22 February 2021: https://polaris.brighterir.com/public/panther_metals/news/rns/story/xpp329x
2: Company announcement, Dotted Lake - Soil Sampling Survey Results, 9 November 2021:
https://polaris.brighterir.com/public/panther_metals/news/rns/story/x57m0pw
3: Map, Panther Soil Sampling Survey Results showing Anomaly C:
https://www.panthermetals.co.uk/images/2021/PALM_Dotted_Soil_Map.jpg
4: Palladium One Mining Inc corporate announcement, 7 September 2022, Palladium One Discovers New Zone With Massive Nickel-Copper Sulphides at the Tyko Project, Ontario, Canada : https://palladiumoneinc.com/news/2022/palladium-one-discovers-new-zone-with-massive-nickel-copper-sulphides-at-the-tyko-project-ontario-canada
The person who arranged for the release of this announcement was Darren Hazelwood, Chief Executive Officer of the Company.
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743
+44(0) 7971 957 685
Mitchell Smith, Chief Operating Officer: +1(604) 209 6678
Broker:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
Notes to Editors
Panther Metals PLC is an exploration company listed on the main market of the London Stock Exchange. Panther is focussed on the discovery of commercially viable mineral deposits. The Company's operational focus is on established mining jurisdictions with the capacity for project scalability. Drill targets are assessed rapidly utilising a combination of advanced technologies and extensive geological data to decipher potential commercial viability and act accordingly. Panther's current geological portfolio comprises of three highly prospective properties in Ontario, Canada while the developing investment wing focuses on the targeting of nickel and gold in Australia.
Obonga Project
Panther Metals acquired the Obonga Greenstone Belt in July 2021 and have already identified four prospective primary targets: Wishbone, Awkward, Survey and Ottertooth. A successful Phase 1 drilling campaign at Wishbone in Autumn 2021 revealed the presence of significant VMS-style mineralised systems on the property - the first such discovery across the entire greenstone belt. Intercepts include 27.3m of massive sulphide in hole one, and 51m of sulphide-dominated mineralisation in hole two. Both drill holes contained multiple lenses. Anomalous high-grade copper in lake sediment close to the target area has also been identified, increasing confidence in the prospectivity of the location.
Awkward is a highly anomalous magnetic target, interpreted to be a layered mafic intrusion and magmatic conduit based on mapped geology and airborne geophysics. Historic sampling in the area returned anomalous platinum and palladium (Pt, Pd) values, while historic drilling on the periphery of the target intersected non-assayed massive sulphide and copper (assumed to be chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in coarse gabbro, and non-assayed 'marble cake' gabbro (matching the description of the Lac des Iles Mine varitexture gabbro ore zone).
Two additional named targets, Survey and Ottertooth, both displays further coincident magnetic and electromagnetic anomalies and are adjacent to the contact between intrusive and extrusive mafic rocks. Historic drilling at Survey intersected several meters of massive sulphides in multiple intersections (main parts of the anomaly remain untested) while Ottertooth remains untested in its entirety.
Dotted Lake Project
Panther Metals acquired the Dotted Lake Project in July 2020, it is situated approximately 16km from Barrick Gold's renowned Hemlo Gold Mine. An extensive soil programme conducted in 2021 identified numerous gold and base metal targets, all within the same geological footprint. Following the installation of a new trail providing direct access to the target location, an initial drilling programme in Autumn 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area.
Manitou Lakes Project
The Manitou Lakes gold project is located approximately 300km's east of Thunder Bay, Ontario and covers a total area of around 98sq km's.
There are over 200 known gold occurrences on the Manitou Lakes project area with the wider Eagle/Manitou Lakes greenstone belt hosting numerous historic gold producers and is prospective for Archean age orogenic gold and associated base metal deposits.
Exploration work conducted by Shear Gold on the Project to date has identified numerous gold bearing structures and favourable geological host rocks through early-stage mapping and surface sampling. The work has focussed on two target areas, being the West Limb Gold Property and the Glass Reef Gold Property, both of which host historic gold mines which have never been systematically explored using modern techniques or drill tested.
Big Bear Project
The acquisition of various prospects in 2018 and 2019 consolidated previously fragmented areas into the wider Big Bear umbrella project, priming Panther Metals for extensive and comprehensive exploration in the area. A total of 253 geophysical anomalies have been identified, with 39 designated for priority investigation. Gold in soil anomalies in have been identified in five areas, ranging up to 0.71g/t, extending up to 250m wide and open along strike. Gold bearing quartz veins have been outlined within seven separate areas (two with rock and vein samples grading 1 to 5 g/t Au, four with quartz vein sample assays above 5g/t Au, and two quartz samples collected at 50m separation on an E-W trending vein open in both directions returning 105.5g/t Au and 112g/t Au respectively).
The Little Bear Lake and Schreiber prospects are of particular interest to the company: historic work programmes in 2010 and 2011 targeted an intense magnetic response from both. Assays yielded from the 1.6km long gold trend included 6m at 1.5g/t Au, up to 53.7g/t Au and 19.25 g/t Ag in rock chip and 18.2g/t Au and 1.03g/t Ag in soil. Historical bulk sampling reported 150t averaging 17.6g/t Au, while historical drill intersections include 0.55m at 19.2% Zn and 4.6% Cu from 15.2m depth.
Panther Metals Australia
Following the listing of Panther Metals' Australian assets on the Australian Securities Exchange ("ASX") in December 2021, the valuation of the Company's 36.6% holding in the business has risen by over 30% to a valuation of almost £3m. The ASX listing has provided the Australian projects with the necessary capital to advance drill-ready targets focused on nickel and gold (within the Tier 1 Mining Districts of Laverton WA and in the NT). Through this spin-out Panther holds an attractive investment prospect, without any disruption to the Company's capital structure and without any financial obligations.
Conclusion
Panther Metals understand that the commercial realities of building an exploration company requires expertise in geology, finance, and the markets within which they operate. The Company's extensive network of industry leaders allows it to meet these objectives. Ultimately however, drilling success is the only route to discovery: the fundamental objective of any exploration company. Once Panther's world-class geological team identify the anomalies, they work hard to get drilling. The drill hole is the only place where substantial and sustained capital growth originates and it's with that operational focus Panther Metals will continue to advance.
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